I think this is really clever but I also think it's dangerous. The argument is that traditional 'liberal arts' education was intended to create a 'T' - in other words, the graduate would have deep knowledge in one area (that's the I part) and broad but superficial knowledge in others: "depth in a particular discipline like History or Literature was complemented by breadth of understanding and by “transferable skills” that enabled graduates to apply multiple knowledge perspectives in the workplace." The 'K' replaces that "through exploring epistemic fluency in particular workplace knowledge practices rather than particular professional knowledge domains:

Innovation Capability, to engage effectively with innovation practices at the individual and team levels and with innovation processes at the organizational level

thus "complementing the knowledge and skills developed in their liberal arts majors and in the institutional essential learning outcomes expected of all students." I don't think the liberal arts are supposed to be about business needs. But like I say: clever, but dangerous.